Citigroup raises 12-month bitcoin target to $113,000 as ETF inflows resume

Financial services giant Citigroup (C) has raised its outlook for bitcoin BTC$86,256.59 and ether ETH$2,732.85 on account of exchange-traded fund (ETF) inflows resuming and supportive macroeconomic conditions, in a note on Wednesdy.

Citi raised its 12-month forecast for bitcoin from $82,000 to $113,000 and for ether from $2,240 to $3,028. The targets represent increases for BTC and ETH of around 35% and 12% respectively based on their current prices.

Citi expects “slower but stickier” inflows into products like ETFs as advisers and brokerages favour gradual increases in bitcoin allocations, forecasting $5 billion of inflow over the next 12 months.

U.S. spot bitcoin ETFs had experienced year-to-date net outflows of $5.8 billion as of July 13. This has been reversed in the months since though, with net inflows for 2026 reaching $800 million as of late September.

Despite the U.S. Senate failing to advance the Clarity Act in the middle of last month, Citi says the U.S. Securities and Exchange Commission (SEC)’s subsequent rule announcements dampened negative sentiment, referring to them as “a temporary but meaningful positive.”

“At this stage of the electoral cycle stage, rulemaking clarity may substitute for a durable Clarity Act,” Citi said. “However, we see risk that a 2028 administration change could roll back agency-promulgated rules, albeit this concern lies outside our forecast horizon.”

The cryptocurrency market showed resilience in the aftermath of the Clarity Act’s rejection by the Senate on Sept. 15, with bitcoin gaining more than 10% by the end of the month.

Citi cited the U.S. Treasury’s move to buy back longer-dated bonds which revived momentum across the crypto market and helped it break out of a months-long slump of trailing other risk assets.

UPDATE (Oct. 1, 12:00 UTC): Removes Reuters attributions and adds additional detail from Citi’s note.